Document and Entity Information
Document and Entity Information | 6 Months Ended |
Oct. 31, 2018shares | |
Document and Entity Information: | |
Entity Registrant Name | LAZEX INC. |
Document Type | 10-Q |
Document Period End Date | Oct. 31, 2018 |
Trading Symbol | lazex |
Amendment Flag | false |
Entity Central Index Key | 1,674,440 |
Current Fiscal Year End Date | --04-30 |
Entity Common Stock, Shares Outstanding | 6,095,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | Q2 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Oct. 31, 2018 | Apr. 30, 2018 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 10,214 | $ 20,782 |
Prepaid Expense, Current | 645 | 645 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 1,250 | 1,750 |
Other Assets, Noncurrent | 2,534 | 3,334 |
Assets | 14,643 | 26,511 |
Liabilities, Current | ||
Accrued Liabilities, Current | 2,800 | 2,099 |
Other Liabilities, Current | 1,200 | |
Liabilities, Current | 4,000 | 2,099 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 1,114 | 1,114 |
Liabilities, Noncurrent | 1,114 | 1,114 |
Liabilities | 5,114 | 3,213 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 6,095 | 6,155 |
Additional Paid in Capital, Common Stock | 20,805 | 21,945 |
Retained Earnings (Accumulated Deficit) | (17,371) | (4,802) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 9,529 | $ 23,298 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 6,095,000 | 6,155,000 |
Common Stock, Shares Outstanding | 6,095,000 | 6,155,000 |
Liabilities and Equity | $ 14,643 | $ 26,511 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | |
Revenues | ||||
Sales Revenue, Services, Net | $ 5,300 | $ 13,240 | ||
Revenues | $ 0 | 5,300 | $ 0 | 13,240 |
Cost of Revenue | ||||
Cost of Revenue | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 5,300 | 0 | 13,240 |
Amortization of Deferred Charges | ||||
Professional Fees | 5,000 | 3,546 | 9,900 | 5,546 |
Computer and Internet Expense | 3,000 | |||
General and Administrative Expense | 1,052 | 856 | 2,669 | 2,266 |
Selling, General and Administrative Expense | 4,000 | |||
Total Operating Expenses | 6,052 | 4,402 | 12,569 | 14,812 |
Net loss from operations | (6,052) | 898 | (12,569) | (1,572) |
Interest and Debt Expense | ||||
Income Tax Expense (Benefit) | (34) | (34) | ||
Net Income (Loss) | $ (6,052) | $ 864 | $ (12,569) | $ (1,606) |
Earnings Per Share | ||||
Weighted Average Number of Shares Outstanding, Basic | 6,095,000 | 5,694,565 | 6,101,848 | 5,511,929 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (12,569) | $ (1,606) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, Depletion and Amortization | 1,300 | 1,032 |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 701 | (5,873) |
Net Cash Provided by (Used in) Operating Activities | (10,568) | (6,447) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Intangible Assets | (4,800) | |
Net Cash Provided by (Used in) Investing Activities | 0 | (4,800) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 14,700 | |
Net Cash Provided by (Used in) Financing Activities | 0 | 14,700 |
Cash and Cash Equivalents, Period Increase (Decrease) | (10,568) | 3,453 |
Cash and Cash Equivalents, at Carrying Value | 20,782 | 15,970 |
Cash and Cash Equivalents, at Carrying Value | $ 10,214 | $ 19,423 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Oct. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of Business LAZEX INC. (the Company) was incorporated under the laws of the State of Nevada, U.S. on July 12, 2015. The Company operates in the travel agency and tours consulting business. GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has an accumulated deficit since Inception (July 12, 2015) of $17,371 as of October 31, 2018 and more losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock . NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited condensed financial statements of Lazex Inc.(the Company) have been prepared in accordance with generally accepted accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and results of operations for the interim period presented have been reflected herein. The results of the operations for the three and six months ended October 31, 2018 are not necessarily indicative of the results for the year ended April 30, 2019. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The Companys financial instruments consist of cash and cash equivalents, accounts payable and amounts due to related parties. The carrying amount of these financial instruments approximate fair value due to their short-term maturity. Foreign Operations The Companys assets and operations are primarily maintained and conducted in the Czech Republic. The Companys functional currency is the US dollar and its cash is deposited in US based banks and is denominated in US dollars. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Intangible Assets Computer Software is stated at cost and amortized on the straight-line method over the estimated life of 3 years. At October 31, 2018 total capitalized cost was $4,800 and accumulated amortization was $2,266. At April 30, 2018 total capitalized cost was $4,800 and accumulated amortization was $1,466. Amortization expense for the three and six months ended October 31, 2018 was $400 and $800. Amortization expense for the three and six months ended October 31, 2017 was $266 and $666. Property and Equipment Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years. At October 31, 2018 total capitalized cost was $3,000 and accumulated depreciation was $1,750. At April 30, 2018 total capitalized cost was $3,000 and accumulated depreciation was $1,250. Depreciation expense for the three and six months ended October 31, 2018 was $250 and $500. Depreciation expense for the three and six months ended October 31, 2017 was $250 and $500. Net (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the periods ended October 31, 2018 and 2017, there were no potentially dilutive common shares outstanding. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Revenue Recognition As of the three and six months ended October 31, 2018, the Company did not generated any revenue. As of the three and six months ended October 31, 2017, we generated $5,300 and $13,240 in revenues for tours and travel consulting services. None of these services were provided to related parties. Recent Accounting Pronouncements Beginning on May 1, 2018 we adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, and all related interpretations for recognition of our revenue from tours and consulting services. Previously we recorded revenue based on ASC Topic 605. Adoption of the new accounting standard did not have any material impact on our reported revenue. Revenue is recognized when the following criteria are met: Identification of the contract, or contracts, with customer; Identification of the performance obligations in the contract; Determination of the transaction price; Allocation of the transaction price to the performance obligations in the contract; and Recognition of revenue when, or as, we satisfy performance obligation. NOTE 3 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On May 15, 2018, the Company canceled 60,000 of its common shares and accrued a stock refund payable of $1,200. As of October 31, 2018, the Company had 6,095,000 compared to 6,155,000 shares issued and outstanding as of April 30, 2018. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 6 Months Ended |
Oct. 31, 2018 | |
Revenue from Contract with Customer: | |
Revenue from Contract with Customer | MAJOR CUSTOMERS During six months ended October 31, 2018 and October 31, 2017, the following customers represented more than 10% of the Companys sales: Customer Six months ended October 31, 2018 Six months ended October 31, 2017 $ % $ % Customer A - - 2,490 18.81 Customer B - - 2,950 22.28 Customer C - - 2,500 18.88 Customer D 5,300 40.03 Total concentration - - 13,240 100.00 During three months ended October 31, 2018 and October 31, 2017, the following customers represented more than 10% of the Companys sales: Customer Three months ended October 31, 2018 Three months ended October 31, 2017 $ % $ % Customer D 5,300 100.00 Total concentration - - 5,300 100.00 |
Related Party Disclosures
Related Party Disclosures | 6 Months Ended |
Oct. 31, 2018 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since July 12, 2015 (I nception ) through October 31, 2018, the Companys sole officer and director loaned the Company $ 1,114 to pay for incorporation costs and operating expenses . As of October 31, 2018 and April 30, 2018 , the amount outstanding was $ 1,114 . The loan is non-interest bearing, due upon demand and unsecured. The Companys sole officer and director provided services and office space. The Company does not pay any rent to or compensation for services rendered by its sole officer and director, and there is no agreement to pay any rent or compensation in the future. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Oct. 31, 2018 | |
Subsequent Events: | |
Subsequent Events | SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from October 31, 2018 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |